The purchase agreement is a binding legal contract. Once signed, your options narrow considerably. In over two decades advising buyers across every price point, I have seen more regret stem from questions not asked than from any market condition. Here are the seven that matter most.
1. What is the true cost of ownership?
The purchase price is only the beginning. Property tax, maintenance, insurance, utilities, and — for condominiums — monthly fees can add 2–4% of the purchase price annually to your carrying costs. Model these before you make an offer.
2. What does the status certificate reveal?
For condominium purchases, the status certificate is the single most important document you will review. It discloses the corporation’s financial health, any pending special assessments, and ongoing litigation. Never waive this review.
3. How long has it been on the market — and why?
Days on market is one of the most informative data points available. A property that has sat for 45 days in a neighbourhood where the average is 12 is telling you something. Ask the question directly.
4. What are the neighbours like?
Visit the street at different times of day. Speak to people. The quality of your neighbours will affect your daily experience more than any design feature inside the home.
5. What is included — and confirmed in writing?
Chattels and fixtures should be listed explicitly in the agreement. Assumptions about what stays and what goes have derailed more closings than you might expect.
6. What are the realistic renovation costs?
If you are purchasing with the intention to renovate, obtain two independent contractor estimates before firming up. Budget overruns of 30–50% are the norm, not the exception.
7. Is my advisor working for me — or the transaction?
Understand the agency relationship governing your purchase. An advisor who represents both buyer and seller is in an inherent conflict. Clarity on this point protects your interests.